Traverse City Record-Eagle

Business

January 2, 2013

Calcutt to step down from Northwestern Bank

TRAVERSE CITY — Harry “Scrub” Calcutt will step down as president and CEO of Northwestern Bank sometime this month.

Calcutt, who will turn 65 in January, informed bank employees by email on Monday that he’ll leave. He cited a desire to spend time on other business and community ventures, bank spokesman Doug Zernow said.

Calcutt has run the closely held private bank for 12 years and tripled its size over that time, Zernow said.

Since August, the bank has operated under a consent agreement with the Federal Deposit Insurance Corporation and Michigan’s Office of Financial and Insurance Regulation, oversight related to failed loans.

But Zernow said Calcutt has talked about retiring for the last year and his resignation is not related to the consent agreement.

Zernow said he did not know if Calcutt intends to maintain his position as chairman of the board. A successor has not yet been named.

Look for additional details in Thursday’s Record-Eagle.

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